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Senate Passes GENIUS Act to Regulate Stablecoins; Ripple CEO Calls It a Landmark Win
- The U.S. Senate passed the GENIUS Act, the first bill in the U.S. focusing on regulating payment stablecoins.
- Ripple CEO hailed the act as a significant development in digital asset legislation.
- The bipartisan bill made progress after more than 40 amendments were considered in the Senate committee.
- The GENIUS Act could shape not only global stablecoin policies but also U.S. cryptocurrency oversight leadership.
- The bill aims to establish regulatory clarity in the crypto sector and enhance consumer protection and national security.
- Co-sponsored by Senators from both parties, the bill directly addresses payment stablecoins.
- The Senate Banking Committee endorsed the bill after extensive consultations and bipartisan support.
- Senator Tim Scott led bipartisan negotiations for the GENIUS Act, emphasizing regulatory clarity in a complex space.
- Ripple CEO Brad Garlinghouse praised the bill's passage as a historic moment in financial policy.
- The bill now moves to the House for further consideration, marking a significant milestone in digital asset regulation.
- Senator Scott's focus on digital economy rules led to the formation of the Senate's Subcommittee on Digital Assets.
- The GENIUS Act positions the U.S. to influence global standards in digital finance regulation.
- The approval of the bill by the Senate signals a new phase in stablecoin regulation with potential implications for crypto laws nationwide.
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